Q4 and Full Year 2015 Earnings Conference Call

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1 Q4 and Full Year 2015 Earnings Conference Call January 28, 2016

2 Forward-Looking Statements and Associated Risk Factors We make statements in this presentation regarding our outlook or expectations for earnings, revenues, expenses and/or other matters regarding or affecting us that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements are typically identified by words such as believe, expect, anticipated, intend, outlook, estimate, forecast, project, target, continue, positions, prospects, by future conditional verbs such as will, would, should, could, or may, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. In addition to factors previously disclosed in reports filed with the Securities and Exchange Commission, the following factors, among others, could cause our actual results to differ materially from those contemplated by such forward-looking statements: the ability to effectively and efficiently integrate Hudson Valley Holding Corp. into Sterling Bancorp; fully realizing cost savings and other benefits; inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling Bancorp in managing those risks. Other factors that could cause Sterling Bancorp s actual results to differ from those indicated in forward-looking statements are included in the Risk Factors section of Sterling Bancorp s filings with the Securities and Exchange Commission. The forwardlooking statements speak only as of the date they are made and we undertake no obligation to update these forwardlooking statements to reflect events or circumstances that occur after the date on which such statements were made. Financial statement information contained in this presentation should be considered to be an estimate pending the filing with the Securities and Exchange Commission of the Company s Annual Report on Form 10-K for the year ended December 31, While the Company is not aware of any need to revise the results disclosed in this release, accounting literature may require information received by management between the date of this release and the filing of the Annual Report on Form 10-K to be reflected in the results of the period, even though the new information was received by management subsequent to the date of this presentation. PAGE 2

3 December 2015 Quarter Highlights Higher profitability, strong momentum across all operating metrics and continued investment for future growth Reported net income of $32.8 million and diluted EPS of $0.25; core net income of $33.5 million and diluted EPS of $0.26 (1) Total revenue (2) of $111.6 million Total gross loans of $7.9 billion; growth of $333.7 million or 17.6% annualized Q-o-Q Total deposits of $8.6 billion; average deposits of $8.8 billion and weighted average cost of 26 bps Positive momentum across all core operating and profitability ratios (1) NIM: 3.68%; core efficiency ratio: 47.6%; core ROATE: 14.6%; core ROATA: 1.22% Net charge-offs of $3.0 million representing 15 bps of average loans annualized Strong capital and liquidity position Integration of Hudson Valley Holding Corp. continues on target. Announced four new team hires and added capabilities across various business lines Declared dividend per share of $0.07 on January 26, 2016 (1) Excludes certain charges and gains. Refer to pages 13 through 18 for detail on core ratio calculations. (2) Total revenue is equal to net interest income plus non-interest income excluding securities gains and losses. Total revenue is a non-gaap measure. Refer to page 15 for a reconciliation to GAAP. PAGE 3

4 Summary of Quarterly Financial Performance ($ in millions, except per share data) Quarter Ended 12/31/2014 9/30/ /31/2015 Linked Q YOY Selected Balance Sheet Data: (1) Total Assets $7,425 $11,597 $11, % 61.0% Gross Loans Held for Investment 4,816 7,526 7, % 63.2% Securities 1,713 2,528 2, % 54.3% Core Deposits (2)(3) 4,656 8,136 7,823 (3.8%) 68.0% Tangible Equity (4) % 68.9% Selected Profitability Data: (1) Net Interest Income $60.2 $93.4 $95.4 $2.0 $35.2 Provision for Loan Losses Non-interest Income (Excluding Securities Gains) Non-interest Expense (13.9) 11.6 Net Income Securities Gains (0.1) (2.8) (0.1) Key Performance Measures: (1) Diluted Earnings per Share $0.20 $0.19 $0.25 $0.06 $0.05 Core Diluted Earnings per Share (4) Net Interest Margin (tax-equivalent basis) (5) 3.70% 3.76% 3.68% (8) bps (2) bps Non-interest Income to Total Revenue 18.9% 14.7% 14.5% (20) bps (440) bps Core Efficiency Ratio (4) 54.0% 49.0% 47.6% (140) bps (640) bps Core ROATA (4) 1.13% 1.21% 1.22% 1 bps 9 bps Core ROATE (4) 14.4% 14.3% 14.6% 30 bps 20 bps (1) See earnings release dated January 27, (2) Core deposits include retail, commercial and municipal transaction, money market and savings accounts and exclude certificates of deposit and brokered deposits except for reciprocal CDARs. (3) See page 8 for details on core deposits. (4) See pages 13 through 18 for a reconciliation of non-gaap financial measures. (5) Tax-equivalent adjustment represents interest income earned on municipal securities divided by the applicable Federal tax rate of 35%. PAGE 4

5 Reconciliation of GAAP Earnings to Core Earnings Quarter Ended Year Ended ($ in thousands, except per share data) 12/31/ /31/ /31/ /31/2015 Reported Diluted Earnings per Share $ 0.20 $ 0.25 $ 0.70 $ 0.60 Reported Net Income $ 17,004 $ 32,791 $ 58,684 $ 66,114 Net Income Adjustments: Net loss (gain) on sale of securities (1,243) (4,837) Merger-related expense ,079 Defined benefit pension plan termination charge 1,486 13,384 Charge for asset write-downs, banking systems conversion, retention and severance 2,493 6,595 29,046 Amortization of non-compete agreements ,350 3,526 (Gain) on sale of other real estate, redemption of TRUPs (1,637) Total Adjustments 3,897 1,082 11,441 58,198 Total Adjustments (after-tax) 2, ,979 39,284 Core Net Income 19,615 33,525 66, ,398 Core Diluted Earnings per Share $ 0.23 $ 0.26 $ 0.79 $ 0.96 Weighted average diluted shares outstanding 84,194, ,354,779 83,921, ,329,353 Core return on average tangible assets 1.13% 1.22% 1.00% 1.17% Core return on average tangible equity 14.4% 14.6% 12.9% 13.9% Core operating efficiency ratio 54.0% 47.6% 56.9% 50.8% Tangible book value per share $ 6.47 $ 7.05 $ 6.47 $ 7.05 Note: See pages 13 through 18 for a reconciliation of non-gaap financial measures. PAGE 5

6 Strong Loan Growth Across Commercial Asset Classes Annualized growth rate: 17.6% total portfolio loans; 20.4% total commercial loans (1) Diversified loan portfolio with 87.1% consisting of commercial asset classes Specialty finance (3) business lines Y-o-Y growth rate of 43.2% Loan Composition Loan Balances ($ in millions) ADC: 2.4% Consumer: 3.8% $8,000 $7,859 Resi Mtg: 9.1% $7,000 CRE: 34.8% C&I: 17.4% $6,000 $6,067 $5,000 $4,816 Multi-Family: 10.1% Total Loans: $7.9 B Yield on Loans: 4.65% (2) Specialty (3) Finance: 22.4% $4,000 $3,000 12/31/14 12/31/15 12/31/15 Organic Total w/ HVB Merger (1) Rates represent annualized growth rates for the period September 30, 2015 through December 31, (2) Represents loan portfolio yield for the three months ended December 31, (3) Includes asset-based lending, payroll finance, warehouse lending, factored receivables, and equipment finance loans. PAGE 6

7 Origination Capabilities Across Broad Asset Classes ($ in millions) Line of Business 12/31/2014 Commercial: 12/31/2015 Organic 12/31/15 HVB Merger YOY Growth Organic YOY Growth HVB Merger C&I $ 1,245 $ 1,419 $ 1, % 35.1 % Payroll Finance Warehouse Lending Factored Receivables Equipment Financing Total Commercial 2,146 2,797 3, Commercial Real Estate: Commercial Real Estate 1,458 2,012 2, Multi-Family ADC Total Commercial Real Estate 1,940 2,592 3, Consumer: Residential Mortgage (8.5) 34.5 Other Consumer (2.0) 50.0 Total Consumer ,013 (6.7) 38.8 Total Portfolio Loans $ 4,816 $ 6,070 $ 7, % 63.2% Note: Organic loan balances exclude the fair value of loans acquired from Hudson Valley. PAGE 7

8 Attractive Deposit Base 91.2% core deposits (1) with weighted average cost of 26 basis points (2) Retail and commercial: 76.1%; municipal: 13.3%; wholesale and other (3) : 10.6% Average demand, savings and MM deposits grew $122.8 million in Q Loans to deposits ratio of 91.6% as of 12/31/2015 Deposit Composition Average Core Deposit Balances (1) CDs 7.1% Noninterest bearing DDA 34.2% $10,000 $8,000 $8,053 $8,174 ($ in millions) MMDA 32.9% $6,000 $4,839 Savings 11.0% Interestbearing DDA 14.8% Total Deposits: $8.6B Total Cost of Deposits: 0.26% (2) $4,000 $2,000 12/31/14 9/30/15 12/31/15 (1) Core deposits include retail, commercial and municipal transaction, money market and savings accounts and exclude certificates of deposit and brokered deposits except for reciprocal CDARs. (2) Represents total cost of deposits for the three months ended December 31, (3) Wholesale and other deposits include one-way brokered deposits and certificate of deposit accounts. PAGE 8

9 Diversified Non-Interest Income Total fee income (1) of $16.2 million; growth of 15.7% over same quarter a year ago New products for 2016: swaps, cash management and loan syndications Non-Interest Income Composition (1) Accounts Receivable Management Fees (2) ($ in thousands) Accounts Receivable Mgmt 27.1% Mtg Banking 17.0% $18,000 $17,088 $16,000 $15,054 Other 13.2% Service Charges 26.2% $14,000 $12,000 BOLI 11.1% Wealth Mgmt 5.4% Total Fee Income Q4 2015: $16.2 M (1) % of Total Revenue: 14.5% $10,000 12/31/14 12/31/15 Full Year (1) Excludes net gains/(losses) on sale of securities. (2) Accounts receivable management fees represents fees generated in our factoring and payroll finance businesses which are typically based on a percentage of the factored sales volume and outsourcing support services provided to clients. PAGE 9

10 Continued Momentum in Core Operating Efficiency Gains Core Operating Efficiency Ratio Core Operating Expenses 60% 56.9% $230 ($ in millions) 56% 52% 48% 50.8% 47.6% $220 $210 $216.0 $ % $200 12/31/14 12/31/15 Q Q Annualized 2016 Target Full Year ($ in millions) $120 $100 $111.1 $113.3 Core Operating Leverage ($ in millions Revenue Growth = +2.0% Expense Decrease = -0.9% $80 $60 $40 $54.5 $ /30/15 12/31/15 09/30/15 12/31/15 Core Total Revenue Core Non-interest Expense Note: See pages 13 through 18 for a reconciliation of non-gaap financial measures. PAGE 10

11 Continued Strong Asset Quality Performance ($ in millions) As of or for the quarter ended Ratios and Balances 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 Non-performing loans to total loans 0.97% 0.94% 0.95% 0.90% 0.84% Net charge-offs to average loans 0.10% 0.13% 0.13% 0.09% 0.15% Allowance for loan losses to: Total loans 0.88% 0.87% 0.61% 0.63% 0.64% Allowance for loan losses to non-performing loans 90.8% 92.3% 64.2% 70.4% 75.5% Non-performing assets to total assets 0.71% 0.71% 0.68% 0.69% 0.68% Special Mention $31.3 $26.1 $65.4 $91.1 $68.0 Substandard / Doubtful Total Criticized / Classified Non-accrual and 90 days PAGE 11

12 December 2015 Summary Strong momentum in core earnings and profitability metrics Merger integration on-track Operating efficiencies continue to be realized Revenue growth opportunities are significant Continued investment in commercial banking, specialty finance, and fee-based businesses Focus on accelerating core deposit growth opportunities Strong capital and ample liquidity for organic growth Strong credit quality Execution is the key PAGE 12

13 Adjusted Information (non-gaap information) In this presentation, we have referred to adjusted results to help illustrate the impact of certain types of items, such as the following: The impact of merger-related expenses and charge for asset write-downs, retention and severance, settlement of pension plan, banking systems conversion and amortization of non-compete agreements to our net income. Our tangible equity (common stockholders equity, less intangible assets, other than servicing rights). The impact of securities gains and losses, non-taxable income, merger expenses, changes in intangible asset amortization, on our efficiency ratio (which is non-interest expense divided by total net revenue). These measures are used by management and the Board of Directors on a regular basis in addition to our GAAP results to facilitate the assessment of our financial performance and to assess of our performance compared to our budgets and strategic plans. These non-gaap financial measures complement our GAAP reporting and are presented below to provide investors, analysts, regulators and others information and reconciliations that we use to manage and evaluate our business each period. This information supplements our results as reported in accordance with GAAP, and should not be viewed in isolation from, or as a substitute for, our GAAP results. PAGE 13

14 Non-GAAP to GAAP Reconciliation ($ in thousands except share and per share data) As of or for the quarter ended 12/31/2014 3/31/2015 6/30/2015 9/30/ /31/2015 The following table shows the reconciliation of stockholders equity to tangible equity and the tangible equity ratio: Total assets $ 7,424,822 $ 7,727,515 $ 11,566,382 $ 11,597,393 $ 11,955,952 Goodwill and other intangibles (432,258) (452,698) (753,899) (751,529) (748,066) Tangible assets 6,992,564 7,274,817 10,812,483 10,845,864 11,207,886 Stockholders equity 975,200 1,080,543 1,623,110 1,652,204 1,665,073 Goodwill and other intangibles (432,258) (452,698) (753,899) (751,529) (748,066) Tangible stockholders equity $ 542,942 $ 627,845 $ 869,211 $ 900,675 $ 917,007 Common stock outstanding at period end 83,927,572 91,121, ,709, ,769, ,006,926 Tangible equity as % of tangible assets 7.76% 8.63% 8.04% 8.30% 8.18% Tangible book value per share $ 6.47 $ 6.89 $ 6.70 $ 6.94 $ 7.05 The following table shows the reconciliation of return on average tangible equity and core return on average tangible equity: Average stockholders equity $ 973,089 $ 1,031,809 $ 1,100,897 $ 1,639,458 $ 1,661,282 Average goodwill and other intangibles (433,396) (438,970) (455,320) (752,701) (750,334) Average tangible stockholders equity 539, , , , ,948 Net income (loss) 17,004 16,778 (7,646) 24,193 32,791 Net income (loss), if annualized 67,462 68,044 (30,668) 95, ,095 Return on average tangible equity 12.50% 11.48% (4.75)% % % Core net income (see reconciliation on page 15) $ 19,615 $ 18,501 $ 21,361 $ 32,035 $ 33,525 Annualized core net income 77,820 75,032 85, , ,007 Core return on average tangible equity 14.42% 12.66% 13.27% 14.33% % PAGE 14

15 Non-GAAP to GAAP Reconciliation ($ in thousands except share and per share data) As of or for the quarter ended 12/31/2014 3/31/2015 6/30/2015 9/30/ /31/2015 The following table shows the reconciliation of the core operating efficiency ratio: Net interest income $ 60,237 $ 58,867 $ 63,574 $ 93,354 $ 95,421 Non-interest income 13,957 14,010 13,857 18,802 16,081 Total net revenue 74,194 72,877 77, , ,502 Tax equivalent adjustment on securities interest income 1,546 1,544 1,562 1,707 1,692 Net (gain) loss on sale of securities 43 (1,534) (697) (2,726) 121 Core total revenue 75,783 72,887 78, , ,315 Non-interest expense 45,814 45,921 85,659 71,315 57,419 Merger-related expense (502) (2,455) (14,625) Charge for asset write-downs, banking systems conversion, retention, severance (2,493) (971) (28,055) Charge on benefit plan settlement (13,384) Amortization of intangible assets (1,873) (1,399) (1,780) (3,431) (3,431) Core non-interest expense 40,946 41,096 41,199 54,500 53,988 Core operating efficiency ratio 54.0% 56.4% 52.6% 49.0% 47.6% The following table shows the reconciliation of core net income and core earnings per share: Income (loss) before income tax expense $ 25,380 $ 24,856 $ (11,328) $ 35,841 $ 48,583 Income tax expense (benefit) 8,376 8,078 (3,682) 11,648 15,792 Net income (loss) 17,004 16,778 (7,646) 24,193 32,791 Net (gain) loss on sale of securities 43 (1,534) (697) (2,726) 121 Merger-related expense 502 2,455 14,625 Charge for asset write-downs, banking systems conversion, retention, severance 2, ,055 Charge on benefit plan settlement 13,384 Amortization of non-compete agreements Total charges 3,897 2,552 42,974 11,619 1,082 Income tax (benefit) (1,286) (829) (13,967) (3,777) (348) Total non-core charges net of taxes 2,611 1,723 29,007 7, Core net income $ 19,615 $ 18,501 $ 21,361 $ 32,035 $ 33,525 Weighted average diluted shares 84,194,916 88,252,768 91,950, ,192, ,354,779 Diluted EPS as reported $ 0.20 $ 0.19 $ (0.08) $ 0.19 $ 0.25 Core diluted EPS (excluding total charges) PAGE 15

16 Non-GAAP to GAAP Reconcilement ($ in thousands except share and per share data) For the quarter ended 12/31/2014 3/31/2015 6/30/2015 9/30/ /31/2015 The following table shows the reconciliation of return on tangible assets and core return on tangible assets: Average assets $ 7,340,332 $ 7,438,314 $ 8,049,220 $ 11,242,870 $ 11,622,621 Average goodwill and other intangibles (433,396) (438,970) (455,320) (752,701) (750,334) Average tangible assets 6,906,936 6,999,344 7,593,900 10,490,169 10,872,287 Net income (loss) 17,004 16,778 (7,646) 24,193 32,791 Net income (loss), if annualized 67,462 68,044 (30,668) 95, ,095 Return on average tangible assets 0.98% 0.97% (0.40)% 0.91% 1.20% Core net income (see reconciliation on page 15) $ 19,615 $ 18,501 $ 21,361 $ 32,035 $ 33,525 Annualized core net income 77,820 75,032 85, , ,007 Core return on average tangible assets 1.13% 1.07% 1.13 % 1.21% 1.22% For the year ended 12/31/ /31/2015 The following table shows the reconciliation of return on average tangible equity and core return on average tangible equity: Average stockholders equity $ 952,126 $ 1,360,858 Average goodwill and other intangibles (435,967) (600,605) Average tangible stockholders equity 516, ,253 Net income $ 58,684 $ 66,114 Return on average tangible equity 11.37% 8.70% Core net income (see reconciliation on page 18) $ 66,663 $ 105,398 Core return on average tangible equity 12.92% 13.86% PAGE 16

17 Non-GAAP to GAAP Reconcilement ($ in thousands except share and per share data) For the year ended 12/31/ /31/2015 The following table shows the reconciliation of return on tangible assets and core return on tangible assets: Average assets $ 7,090,442 $ 9,604,256 Average goodwill and other intangibles (435,967) (600,605) Average tangible assets 6,654,475 9,003,651 Net income 58,684 66,114 Return on average tangible assets 0.88% 0.73% Core net income (see reconciliation on page 17) $ 66,663 $ 105,398 Core return on average tangible assets 1.00% 1.17% The following table shows the reconciliation of the core operating efficiency ratio: Net interest income $ 232,349 $ 311,216 non-interest income 52,179 62,751 Total net revenues 284, ,967 Tax equivalent adjustment on securities 6,010 6,503 (Gain) on sale of securities (1,243) (4,837) Core total revenue 289, ,633 Non-interest expense 181, ,318 Merger-related expense (890) (17,079) Charge for asset write-downs, banking systems conversion, retention, severance (6,595) (29,046) Gain on sale of real estate and TRUPs redemption 1,637 Charge on benefit plan settlement (1,486) (13,384) Amortization of intangible assets (9,406) (10,041) Core non-interest expense 164, ,768 Core operating efficiency ratio 56.9% 50.8% PAGE 17

18 Non-GAAP to GAAP Reconcilement ($ in thousands except share and per share data) For the year ended 12/31/ /31/2015 The following table shows the reconciliation of core net income and core earnings per share: Income before income tax expense $ 84,160 $ 97,949 Income tax expense 25,476 31,835 Net income 58,684 66,114 Net (gain) on sale of securities (1,243) (4,837) Gain on sale of financial center and redemption of TRUPs ,079 Merger-related expense 6,595 29,046 Charge for asset write-downs, banking system conversion, retention and severance (1,637) Charge on benefit plan settlement 1,486 13,384 Amortization of non-compete agreements 5,350 3,526 Total charges (gains) 11,441 58,198 Income tax (benefit) (3,462) (18,914) Total non-core charges (gains) net of taxes 7,979 39,284 Core net income $ 66,663 $ 105,398 Weighted average diluted shares 83,921, ,329,353 Diluted EPS as reported $ 0.70 $ 0.60 Diluted EPS (excluding total charges) PAGE 18

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